Melbourne Accelerator Program reveals 2018 cohort

The Melbourne Accelerator Program has revealed its latest cohort, welcoming 10 startups into the fold.

Set to kick off on May 30, the five month program will see participants receive $20,000 in equity-free funding to help further their growth.

Now in its seventh year, the University of Melbourne-backed program counts 44 graduates, among them online furniture retailer Brosa and podcasting system Omny, who have gone on to raise more than $30 million in funding collectively and generate over $40 million in revenue.

According to program manager Maxine Lee, the program received 75 applications for its latest intake. With competition strong, Lee said “the calibre of businesses we accept goes up every year”.

She said, “We look for companies who have a clear vision, are scalable and could genuinely use our support, and then we connect them with experts in the areas they need to focus on and the results we’ve seen year-on-year speak for themselves.”

The program’s alumni are key experts in its network, Lee added.

“Many of our alumni remain heavily involved in the program, and they make really great mentors as they understand what it’s like to build a company from the ground up,” she said.

“Our alumni provide mentoring to the new teams as they define their vision, grow their business, and prepare for investment. Their involvement has really helped us build a unique MAP ecosystem that gets stronger every year.”